Chinese automaker Zhejiang Geely Holding Group Co. said it plans to confirm the specific size of its investment in Malaysia at a later date, after Prime Minister Anwar Ibrahim touted a $10 billion boost from the Chinese auto giant on Tuesday.
(Bloomberg) — Chinese automaker Zhejiang Geely Holding Group Co. said it plans to confirm the specific size of its investment in Malaysia at a later date, after Prime Minister Anwar Ibrahim touted a $10 billion boost from the Chinese auto giant on Tuesday.
The company conveyed the information about investing in the Malaysian town of Tanjung Malim to him in a letter, Anwar said at an event in the Selangor state, according to a report by the state new agency Bernama. The investment would create thousands of job opportunities for locals, he said.
Geely is fully committed to working with its Malaysian partners on the sustainable development of the Automotive High-Tech Valley in Tanjung Malim, a spokesperson said in response to Bloomberg. It will disclose the amount of its investment in due course, they said.Â
In April, Science, Technology and Innovation Minister Chang Lih Kang said that Geely will invest 30 billion ringgit ($6.6 billion) into the development and commercialization of the automotive manufacturing hub, Bernama reported.Â
Geely has a 49.9% stake in Malaysian carmaker Proton Holdings Bhd., and Geely founder Eric Li Shufu attended the company’s 40th anniversary celebration in Kuala Lumpur in May. Li said that Geely will continue to support Proton by introducing the latest technology and improving its capabilities.
Shares in Geely closed 0.4% lower in Hong Kong trading on Tuesday.
–With assistance from Kok Leong Chan.
(Adds Geely share price in last paragraph.)
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